Spiraling health care costs are prompting a “full crisis mode” for many large
U.S. employers, as they report an expected annual 12% cost increase—against a
self-reported affordable increase of just 8%.
By 2008, health care costs for the average FORTUNE 500® company will
likely equal net profits, severely impacting the ability to compete on a global
scale.
It’s an increase most companies simply can’t afford. But they report feeling
handcuffed, lacking strategies that can take a big bite out of cost increases.
Fortunately, Hewitt has identified several “levers” companies can pull to
dramatically lower costs and increase efficiency, driving results that take the
crisis out of health care costs. The levers include the following.
Health benefit coverage and cost sharing
Innovative companies are leveraging the trend toward consumer-driven health care
by offering more choices and letting employees choose a specific level of
benefits. Innovative enrollment and administration technologies such as
Hewitt’s Build Your Own health plan design handle the increased complexity that
comes from introducing additional choices.
Data-driven purchasing
We have deep domain experience combining health care expertise, proven
purchasing processes, and best-in-class procurement and technology platforms.
The result: reduced health care costs to your organization without compromising
quality care for your employees.
Employee cost and quality decisions
We can show you how the Web can make enrollment as easy as buying an airline
ticket, making key information—cost and quality of competing hospitals,
doctors, and pharmacies—available to employees. We also model and trace your
costs to ensure that actual spending aligns with corporate goals.
Healthy lifestyles
Forward-thinking companies are being proactive, prioritizing health risks/costs
and creating integrated interventions to lower costs and improve overall
health. Our communication expertise guarantees privacy for your employees while
spreading a healthy message to those who need it.
Migration to providers based on cost and quality
We believe that employees should know which providers offer the best
value—information that’s widely available in every other market. The innovation
here is collecting and communicating quality/price data that employees can use.
Pharmacy management
Spiking drug costs—combined with increased usage—drive higher prices. We can
design a comprehensive pharmaceutical strategy, including tactics that
encourage the use of lower-cost drugs. We also help employers deliver critical
communication throughout the year, helping employees make informed decisions
about prescription drugs and stay on critical medications.
We’ve helped hundreds of firms pull the levers that help them regain control
over their health care expenses, by coordinating changes in the design,
delivery, administration, and communication of their programs to reverse
skyrocketing cost trends.
The bottom line: The six levers of health care can help you control your annual
increase in health care costs.
Please
contact us for
more information about how we can help tame your company’s health care cost
crisis.
Tools
Employer Tools
FORTUNE 500® is a registered trademark of Time, Inc.
Hewitt Health Resource™ and Hewitt Health Value Initiative™ are trademarks of
Hewitt Management Company LLC
Hewitt Health Portfolio Manager™ is a trademark of Hewitt Associates LLC
